2017 Q4 Form 10-K Financial Statement

#000130051419000021 Filed on February 22, 2019

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017 Q2
Revenue $3.391B $3.161B $3.109B
YoY Change 10.28% 6.47% 17.37%
Cost Of Revenue $1.675B $1.574B $1.529B
YoY Change 17.67% 8.75% 12.79%
Gross Profit $1.716B $1.587B $1.580B
YoY Change 13.44% 4.33% 22.05%
Gross Profit Margin 50.6% 50.21% 50.82%
Selling, General & Admin $423.0M $359.0M $354.0M
YoY Change -4.06% 8.79% 17.22%
% of Gross Profit 24.65% 22.62% 22.41%
Research & Development $5.000M $3.000M $2.000M
YoY Change 127.27% 0.0% 0.0%
% of Gross Profit 0.29% 0.19% 0.13%
Depreciation & Amortization $267.0M $274.0M $336.0M
YoY Change -18.57% -4.7% 27.18%
% of Gross Profit 15.56% 17.27% 21.27%
Operating Expenses $695.0M $362.0M $356.0M
YoY Change -9.85% 8.71% 17.11%
Operating Profit $1.028B $855.0M $817.0M
YoY Change 53.66% 18.75% 57.72%
Interest Expense -$82.00M $83.00M $79.00M
YoY Change 13.1% 27.69% 23.44%
% of Operating Profit -7.98% 9.71% 9.67%
Other Income/Expense, Net -$14.00M -$19.00M -$25.00M
YoY Change -121.84% -190.48% 257.14%
Pretax Income $932.0M $757.0M $717.0M
YoY Change 39.5% 12.15% 59.69%
Income Tax $97.00M $73.00M $78.00M
% Of Pretax Income 10.41% 9.64% 10.88%
Net Earnings $1.212B $569.0M $546.0M
YoY Change 138.11% 10.92% 66.46%
Net Earnings / Revenue 35.74% 18.0% 17.56%
Basic Earnings Per Share $1.53 $0.72 $0.69
Diluted Earnings Per Share $1.53 $0.72 $0.69
COMMON SHARES
Basic Shares Outstanding 790.5M shares 791.0M shares 792.0M shares
Diluted Shares Outstanding 792.0M shares 792.0M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.419B $2.001B $2.307B
YoY Change 13.67% 11.79% 3.69%
Cash & Equivalents $2.419B $2.001B $2.307B
Short-Term Investments
Other Short-Term Assets $126.0M $153.0M $123.0M
YoY Change -14.86% 12.5% 6.03%
Inventory $37.00M $45.00M $47.00M
Prepaid Expenses
Receivables $615.0M $637.0M $623.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.197B $2.836B $3.100B
YoY Change 3.2% -0.09% -6.32%
LONG-TERM ASSETS
Property, Plant & Equipment $15.52B $15.50B $15.57B
YoY Change -2.43% -4.95% -3.36%
Goodwill
YoY Change
Intangibles $89.00M $93.00M $96.00M
YoY Change -13.59% -14.51% -15.27%
Long-Term Investments
YoY Change
Other Assets $155.0M $147.0M $150.0M
YoY Change 0.0% -8.67% -4.33%
Total Long-Term Assets $17.49B $16.97B $17.04B
YoY Change 0.69% -4.88% -3.56%
TOTAL ASSETS
Total Short-Term Assets $3.197B $2.836B $3.100B
Total Long-Term Assets $17.49B $16.97B $17.04B
Total Assets $20.69B $19.81B $20.14B
YoY Change 1.07% -4.22% -4.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $171.0M $141.0M $107.0M
YoY Change 33.59% 14.43% 0.56%
Accrued Expenses $1.137B $1.992B $1.905B
YoY Change -41.24% 9.81% 11.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $296.0M $134.0M $126.0M
YoY Change 77.25% -18.29% -40.57%
Total Short-Term Liabilities $2.956B $2.661B $2.559B
YoY Change 5.35% -4.07% -2.32%
LONG-TERM LIABILITIES
Long-Term Debt $9.344B $9.483B $10.01B
YoY Change -0.89% -1.15% -0.48%
Other Long-Term Liabilities $147.0M $136.0M $138.0M
YoY Change 16.67% 8.28% 15.92%
Total Long-Term Liabilities $147.0M $136.0M $138.0M
YoY Change 16.67% 8.28% 15.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.956B $2.661B $2.559B
Total Long-Term Liabilities $147.0M $136.0M $138.0M
Total Liabilities $13.06B $12.92B $13.34B
YoY Change 0.67% -1.5% -0.62%
SHAREHOLDERS EQUITY
Retained Earnings $2.709B $2.082B $2.089B
YoY Change 21.92% -8.89% -10.88%
Common Stock $1.000M $1.000M $1.000M
YoY Change 0.0% 20.48% 20.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.818B $2.743B $2.668B
YoY Change 15.35% 12.28% 9.21%
Treasury Stock Shares 42.00M shares 41.00M shares 40.00M shares
Shareholders Equity $6.486B $5.896B $5.923B
YoY Change
Total Liabilities & Shareholders Equity $20.69B $19.81B $20.14B
YoY Change 1.07% -4.22% -4.0%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income $1.212B $569.0M $546.0M
YoY Change 138.11% 10.92% 66.46%
Depreciation, Depletion And Amortization $267.0M $274.0M $336.0M
YoY Change -18.57% -4.7% 27.18%
Cash From Operating Activities $1.321B $1.113B $1.146B
YoY Change 8.81% 6.71% 15.98%
INVESTING ACTIVITIES
Capital Expenditures -$245.0M -$212.0M -$178.0M
YoY Change -16.78% -46.61% -56.57%
Acquisitions
YoY Change
Other Investing Activities $13.00M $1.000M $0.00
YoY Change 519.05% -433.33% -100.0%
Cash From Investing Activities -$232.0M -$211.0M -$178.0M
YoY Change -20.66% -46.89% -55.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -678.0M -1.218B -637.0M
YoY Change 22.16% 13.83% 1053.99%
NET CHANGE
Cash From Operating Activities 1.321B 1.113B 1.146B
Cash From Investing Activities -232.0M -211.0M -178.0M
Cash From Financing Activities -678.0M -1.218B -637.0M
Net Change In Cash 411.0M -316.0M 331.0M
YoY Change 12.11% -25.52% -37.95%
FREE CASH FLOW
Cash From Operating Activities $1.321B $1.113B $1.146B
Capital Expenditures -$245.0M -$212.0M -$178.0M
Free Cash Flow $1.566B $1.325B $1.324B
YoY Change 3.82% -7.99% -5.29%

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CY2018 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;">Reclassification</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the accompanying consolidated balance sheet as of December 31, 2017, and the related consolidated statements of operations, comprehensive income, equity and cash flows for the years ended December 31, 2017 and 2016, have been adjusted to be consistent with the current year presentation. These adjustments resulted from the implementation of the accounting standards updates for revenue from contracts with customers and presentation of restricted cash on the statements of cash flows and reclassifying the immaterial cost of aircraft spare parts from inventories to other assets, net.</font></div></div>
CY2018 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could vary from those estimates.</font></div></div>

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